Calculate yourself how much your loan costs

Are you planning to take out a loan soon? Then it is best to ensure in advance that you already know more or less how much the total picture of that loan will cost you. By using an online loan simulator, which is completely free, you can do a loan simulation. By doing a simulation of your mortgage loan, you will quickly find out whether the loan you envisaged is actually feasible or not at all.

Once you have entered the amount that you wish to borrow, the online loan simulator will quickly indicate which amount you will have to pay per month in order to have the loan amount fully repaid after a certain period. You will also see the interest rate of your loan and the extra costs that the bank or lenders charge to be able to borrow the money.

What are the advantages?

What are the advantages?

A housing loan simulation actually has many advantages. In the first place, you can easily do an online simulation of your home loan yourself. This means you do not have to go to one of the various banks or lenders where you want to take out your loan. That way you lose less time and you can also compare all different parties with each other much faster.

Choose the best loan yourself

Choose the best loan yourself

Another great advantage is of course that you can choose the best loan for yourself. The online loan simulator provides a clear overview of the differences between the various banks and lenders. This way you will soon find out what interest rate you will be dealing with and what costs will be charged by the bank. Depending on the period you choose, the interest rate of your loan will be higher or just lower. The costs that the bank or the lender will charge will therefore also be affected.

No obligation

No obligation

A third big advantage is that the credit simulation does not commit or commit you to anything. Of course you have to enter some information, but you are not obliged to take out a loan with the bank or the lender where you did the simulation afterwards. On the basis of the various home loan simulations and the calculation that you make yourself, you can of course take out a loan over time with the party that seems best to you and which you think best suits your current financial situation.

Simulation is important

Simulation is important

After all, taking out a loan is not something you just do for a moment. Borrowing money for a house or a car has a major influence on the further course of your life and especially on your financial condition. You have to repay the amount borrowed within a certain period to the party where you borrowed the money. So always try to take out the best and most suitable loan for yourself. That is why a simulation of the mortgage loan is very important.

The essentials to take into account before simulating a renovation loan

The essentials to consider before simulating a renovation loan

The essentials to consider before simulating a renovation loan

Do you want to renovate your entire house, but you don’t know how to finance it? Opt for a credit. However, be aware that a credit puts you in a commitment and it must be repaid at all costs. The advantage for you is indeed to improve the condition of your home as quickly as possible. So, seeing this last renovated one certainly motivates you to settle your monthly payments afterwards. First try to check your repayment capacity before embarking on the loan. Once decided, the ideal is to know the basics of the type of credit you need. Here, this will be the case for the work loan. As soon as you have identified all the details of this loan, you can proceed to a simulation of a renovation loan.

ALL YOU NEED TO KNOW ABOUT WORK LOANS

ALL YOU NEED TO KNOW ABOUT WORK LOANS

The work loan is intended for all those who wish to carry out some home renovations but who do not have sufficient means to finance them. The development, extension, renovation of a room or decoration projects are the main reasons for a work loan. The most thing about this loan is that it is granted to the tenant as well as to the owner. The loan is classified into two categories: the project loan or personal loan and the work loan.

The project loan constitutes an amount between 5,000 dollars and 8,000 dollars. Known as a personal loan, this option does not ask you for proof of use of the amount. If your rehabilitation work does not exceed these amounts above, the ideal is to take out this type of loan.

The work loan is dedicated to all major renovations. The loan thus ranges between 8,000 dollars and 75,000 dollars. For this type of loan, expect the lender to ask you for proof of use of the amount. These supporting documents relate to quotes, invoices, purchase orders, etc.

In all cases, the prime rate remains the option offered by the lending bank. Thanks to this, you will have no trouble managing your monthly payments. It is the same for the repayment period. It is flexible depending on your situation and your ability to settle your debts. The maturity limit is 120 months.

THE RENOVATION LOAN SIMULATION

THE RENOVATION LOAN SIMULATION

Before doing a renovation loan simulation, it is obvious that you already have all the details of your project. It only remains to have a clarification on the total amount to borrow. Performing a simulation is done in a few minutes. You just have to give the information on the desired amount, the repayment period, the monthly payment of the loan and your profile. When you perform a simulation, you are not yet committed to a loan. It is simply a free credit calculator that helps you get an overview of your future home improvement loan.

If necessary, an advisor specializing in work loans can clarify your doubts on certain credit points. Do not hesitate to share your concerns with him.

What kind of loan is the best offer for the freelancers

 

Employees who have a fixed and regular income will get a loan without much fuss. However, it looks different if it is a loan for freelancers. Although they have an income, this varies from month to month.

In a few months there may also be a slump in orders, so that even less will be earned. This fact discourages many banks when it comes to a freelance loan. Collateral is always the top priority for banks, and those who cannot provide it fall through the cracks and get no loans. Nevertheless, there is also the possibility to take out a loan for freelancers.

Who is classified as a freelancer?

Who is classified as a freelancer?

At banks, what job is always important. Freelancers are also doctors who also need a loan. If a doctor wants to open a practice or wants to expand it, this is always associated with costs. Doctors not only enjoy a high reputation among patients, banks see very good customers in this professional group. Therefore, when it comes to a freelance loan, they have no problems to fear. They have a high income and their creditworthiness is very good. The creditworthiness is very important when lending, because it says whether someone can repay a loan or not.

Doctors can ask their own bank for a loan, or they can ask special doctor or pharmacist banks that give a loan to freelancers. But lawyers and those who have their own business can also work as freelancers. This shows that the bank’s fears are often unfounded.

What documents does the bank need?

What documents does the bank need?

Freelancers can show their income using the profit and loss account. In addition, the income tax records, the account statements and the Credit Bureau are checked. The fewer entries in the Credit Bureau, the better the credit rating. To improve bad credit, the borrower can provide other collateral to convince the bank to grant a loan.

One of the most common types of collateral is a surety and capital life insurance. It is sufficient if the guarantor has a fixed income that does not come from a freelance job. The insurance is only accepted as security if the surrender value is at least 5,000 dollars.

Online credit for the unemployed

More and more banks and savings banks have focused on the needs of consumers when it comes to lending. Today, it is no longer just borrowers with a high earned income and a positive Credit Bureau who receive a loan; today, people with a negative Credit Bureau or unemployed people with unemployment benefit 1 or unemployment benefit 2 can also benefit from an attractive loan offer.

Borrowers who are looking for a loan for the unemployed are likely to find what they are looking for on the Internet, and numerous banks and savings banks now also offer a loan for borrowers with low income, unemployment or a negative Credit Bureau. Unemployment loans taken out from an online bank do not necessarily have to be interest-intensive. The online banks on the Internet generally do not have their own branch system, little staff and less effort in lending, so that they are able to offer loans at lower interest rates.

Borrowers who are looking for an online loan for the unemployed can hope for interesting interest rates and flexible contract terms thanks to the large range of offers, but the large variety of offers has also made it difficult to compare several loan offers today. Borrowers who are looking for an online loan for the unemployed should definitely use a loan calculator comparison on the Internet.

Finding online credit for the unemployed at attractive conditions – this should be borne in mind when comparing

Finding online credit for the unemployed at attractive conditions - this should be borne in mind when comparing

When comparing multiple loan offers, borrowers should pay particular attention to the effective interest rate. In contrast to the borrowing rate, the effective interest rate can be influenced by the borrower. In addition to debit interest and fees, the effective interest rate also consists of the choice of term, loan amount, repayment and much more. together. Borrowers can have an enormous impact on the effective interest rate, particularly through their creditworthiness. Since the unemployed can only show a low social income, they should choose a loan offer where possible, which in addition to Credit Bureau also allows other credit protection measures.

A positive Credit Bureau information can significantly improve the creditworthiness, the same applies to the other credit protection means, for example in the form of a guarantee. The guarantee is not approved by all banks, but is an enormous advantage for the unemployed borrower, since a third person guarantees repayment of the loan, and if the repayment fails, the guarantor must be fully liable The risk is lower here, by choosing a short term, the capital commitment for the bank can be reduced and a significantly lower effective interest rate can be secured.

Find credit online for unemployed people with a loan calculator

Find credit online for unemployed people with a loan calculator

The comparison of several loan offers with one loan calculator is highly recommended, since the loan calculator gives the borrower the opportunity to include individual comparison criteria in the comparison. In this way, the borrower can permanently call up the best offer and save a lot of money.

Take out a cheap mortgage while you still can

Now that we are almost at the end of the year and 2018 is in sight, you may have temporarily put the search for a home on the back burner. But it is not such a crazy idea to strike now because interest rates have never been so low before. A mortgage has never been as cheap as it is now. Mortgage interest rates are expected to rise in early 2018. Therefore, at least take out a (new) mortgage in January 2018.

Interest rates have fallen again

Interest rates have fallen again

Borrowing money for a home has always been very beneficial. Who would have thought that interest rates could not fall even further, it is sorely wrong. Because interest rates have fallen again in recent weeks. For example, you currently pay 1.87% interest for an NHG mortgage if you have the interest fixed for 10 years. Those who go for security can borrow from almost 2.5% interest (20 years fixed). There are not many people who opt for a longer term, but if you lock your mortgage for 30 years, you can do so at an interest rate of 2.96%. You are the cheapest with a maximum term of 5 years. The interest you have to pay is 1.61%. A short term can be sensible for people who expect to move within 5 years.

Fixed for 10 years at over 2% interest in the summer

Fixed for 10 years at over 2% interest in the summer

It only seems so recently, but in the summer months you probably paid more than 2% interest for a 10-year mortgage. In hindsight, however, the interest rate rise did not continue and interest rates fell again.

Reason drop mortgage interest

 

One of the main reasons for the falling mortgage rates was the tension caused by the FBI’s investigation into Trump’s security adviser. At the same time, the Senate agreed to President Trump’s tax plan. A few weeks ago, this immediately caused a fall in interest rates on the capital markets, including in Europe.

Balloon credit: advantages and disadvantages

Becoming the owner of a new vehicle is a luxury that not everyone can afford in view of the prices displayed in dealerships. To take advantage of the advantages of a recent and secure vehicle, many individuals are now tempted by the balloon credit formula.

Balloon credit: definition and principle

Balloon credit: definition and principle

Balloon credit mixes certain characteristics of a loan and a rental and offers lower monthly payments than other financing solutions. Be careful however! The balloon credit does not make you the owner of the vehicle and will impose a certain number of constraints on a daily basis. It is therefore not suitable for all motorists.

What is a balloon credit and how does it work?

How to change your car with a balloon credit?

How to change your car with a balloon credit?

As its name does not indicate, a balloon credit is almost entirely equivalent to a vehicle rental contract. The dealer provides you with a new vehicle and you pay, in return, monthly payments for a variable period ranging from 12 to 48 months. These monthly payments only reimburse the interest due for the loan of the vehicle, calculated according to an interest rate defined in the contract: you are therefore not the owner.

It will most often be necessary, moreover, to pay you at the start of the contract a more or less substantial personal contribution, ranging from 10 to 20% of the total cost of the vehicle.

Beyond appearances, the balloon credit still remains a credit. You can notably decide to proceed to its total or partial prepayment at any time. In the event of partial repayment, your future monthly payments and / or the total duration of the loan will be adjusted downward.

Why finance my vehicle with a balloon loan?

Why finance my vehicle with a balloon loan?

Balloon credit is characterized by its simplicity, from its implementation to the end of the contract. Thanks to lower monthly payments, the motorist can benefit from the security of a new car, in perfect condition and with the desired options.

In addition, at the end of the rental period, four solutions are available to you:

  1. If you wish to keep the vehicle and become its owner, you can buy it for a sum which was defined when the contract was signed. This cash value is called the “balloon”. Taking out a classic car loan can then be considered to raise the necessary amount.
  2. If you cannot afford or do not want to buy the vehicle, you can return it to the dealer and receive a balance from any account. You are then free to take out a new balloon credit for another vehicle if you wish.
  3. If you think you can get a good price on your own, you can also resell the vehicle and use the proceeds to then reimburse the balloon.
  4. Some contracts, finally, allow you to extend the rental for one or two additional years.

Do you want to own your vehicle?

Do you want to own your vehicle?

Do you already have one or more credits in progress and wish to finance the acquisition of your vehicle ?
You can claim credit consolidation !

By opting for this financing solution, you acquire your automobile while reducing your debt ratio.
Our experts support you in order to find the financial solution suited to your situation.

 

What is the difference between balloon credit and LOA?

What is the difference between balloon credit and LOA?

LOA (rental with option to buy) is quite similar to balloon credit. Indeed, in both cases, the motorist is the tenant of his vehicle. The main difference between these two types of financing is the initial contribution. When taking out a balloon credit, it is compulsory to bring a certain amount, between 10 and 20% of the price of the vehicle, which is not necessarily the case for rental with option to buy.

The latter can be carried out with or without input, according to the needs of the driver and the dealer’s proposals. However, providing a contribution reduces the amount of monthly rent to be paid. It is therefore important to find the right balance.

Example of balloon credit

Example of balloon credit

Here is a typical example of taking out a balloon loan compared to a conventional loan:

  • price of the new vehicle: $ 36,500;
  • contribution: $ 5,000;
  • duration of the contract: 24 months (2 years);
  • rate: 3.90%.

The monthly payment to be paid by the tenant is then $ 508.01. For comparison, a conventional loan would generate loan maturities of $ 1,366.48 per month over the same period. To achieve a comparable monthly cost with a balloon loan, conventional credit should be made over 70 months (i.e. almost 6 years).

What are the advantages of balloon credit?

What are the advantages of balloon credit?

The main advantage of balloon credit is financial. For an equivalent vehicle, the monthly payments to be paid will be much lower in the case of a balloon loan than in that of a conventional loan. No wonder, since in the second case you become the owner of the vehicle and must assume its depreciation. Concretely, and if you are not attached to the ownership of your means of transport, you will therefore have the means to drive in a more upscale vehicle by choosing the balloon credit.

This financing method, which is spread over a maximum of four years, also means that you will be driving with a new or very recent vehicle, a definite advantage that balloon credit and LOA have in common (rental with option to buy). Hence an additional comfort and well-being at the wheel, but also less maintenance and repair costs to fear.

A driver who appreciates recent vehicles and the flexibility of the formula can fully find his account by chaining balloon credits every two or three years, without ever paying the cash value.

What are the constraints of balloon credit?

What are the constraints of balloon credit?

Once you have subscribed to the principle of balloon credit, you will probably have a hard time getting out of it to become a “classic” vehicle owner. The cash value, at the end of the rental, is generally quite high, and does not reflect the real value of the vehicle.

Its driver therefore has every interest in giving it up and taking a new vehicle via a new balloon credit, while sacrificing a new personal contribution which will not be returned more than the previous one!

At this point, the driver who would have preferred a classic car loan is clearly a winner, since he will be able to finance part of his new vehicle with the resale of the old one.

Although you do not own the vehicle, you will also have to bear the maintenance costs, repair costs and of course the car insurance for the duration of the rental.

From the point of view of the dealer, finally, it is necessary that the car does not lose too much value during its rental. This is the reason why a maximum annual mileage, often quite restrictive, will be imposed on you. Any excess will require you to “buy back” the extra kilometers, for a dissuasive amount. Balloon credit, in other words, is to be avoided if you drive a lot or have little visibility on the use you will make of the vehicle!

Balloon credit and credit repurchase: a winning duo?

Balloon credit and credit repurchase: a winning duo?

Do you have more than one credit term outstanding? You may have already considered the solution of the repurchase of credit, or grouping of loan. The purpose of this type of financing is to combine several debts into one. No more multiple and scattered maturities.

The borrower has only one monthly payment to pay. In addition to the administrative simplification of the management of one’s personal finances, a credit repurchase allows to regain air and purchasing power.

Do you have a balloon loan and don’t know if you can qualify for a loan consolidation? As with any other type of loan (home loan, personal loan, revolving credit, etc.), a balloon loan can be included in a group of loans. To do this, you just need to have your credit contract at the time of your credit buy-back request.

Instant loan without a job

An instant loan without a job is not a problem. Income from a job is not a prerequisite for being creditworthy. Working income is just the most common way to qualify for a loan.

Instant credit without a job – that’s guaranteed to work

Instant credit without a job - that

Only a special loan is not open as an instant loan without a job. It is the advance payment from the employer. All other credit options are linked to proof of repayment ability and credit security. Evidence that ensures repayment ability can come from many sources. A prominent example of this is the pension. The money is in the account on time for the 1st of the month. A work performance does not have to be performed for this.

Pensioners are still considered the safest repayers. You can easily get a loan from practically any provider. On top of that, the loan terms are mostly extremely favorable. Nevertheless, it does not always have to be the pension that is considered safe income. Quite a few people lead happy lives without any work. You own real estate. The income from renting a paid apartment building far exceeds the average income from work. This ensures creditworthiness. They don’t need a job.

Credit opportunities despite low or irregular earnings

Credit opportunities despite low or irregular earnings

Not everyone has monthly rental income or a pension that guarantees regular, secure income. Some people have a bad season. Your regular earnings are low. Examples of this would be farmers or the seasonal unemployment of a roofer. The instant loan without a job does not have to be a problem. The farmer owns property that can secure almost any loan amount in an emergency. He derives the repayment ability from the income in the high season. He pays his installments annually, semi-annually or quarterly.

The roofer works a lot of overtime in high season. A savings contract is intended to provide additional security for old age. Of course the money is fixed. He can’t just take it off. But the savings are sufficient as security for the loan. It is pledged as security. If there are repayment problems, the lender simply dissolves the savings contract and gets his money back.

Instant loan with no income

Instant loan with no income

An instant loan without income or guarantor is unfortunately not so easy to get. Hartz 4 recipients in particular face this problem. Their income does not count towards a loan. It is a social achievement that is tied to need. Other income or high-quality material assets are also not available or have already been used up.

In these cases, the instant credit without a job can only come from the church or a charity as a loan. However, there is no legal entitlement to this. As an alternative, which guarantees an instant loan with cash payment, only the pawnbroker remains.

What can I borrow?

Curious what you can borrow to the maximum? That depends, among other things, on your income and any collateral you can bring in. It is these elements that give you the opportunity to borrow money for a new car, or the opportunity to buy a house of your own with a mortgage loan. You can calculate online what it costs to take out a loan, or what options you have. Use a loan simulation to determine whether you can continue to pay the costs in the long term, so that you also take out the loan in a safe manner.

What can I borrow according to loan simulation?

What can I borrow according to loan simulation?

The question ‘ What can I borrow? can be partly determined by the loan simulation. The loan simulation only takes a few minutes of your time. You immediately know what you can borrow, while on the other hand you are not yet committed to anything. In that respect, it is an excellent idea to run a simulation for different lenders. You can then compare the costs and thus ensure that you get a good idea of ​​the possibilities. Do you want to borrow money online and cut costs as far as possible? Then look at the interest rate and also the total loan simulation.

Of course, what the loan simulation will not show you is whether you may also be suitable for a loan. For this it will be really necessary to see what you earn. Overall, you can find out what you can borrow with a loan simulation, but ultimately what you earn every month will be the deciding factor.

Own income and collateral

Own income and collateral

What you can borrow depends, among other things, on the amount of income you earn. In any case, your income must be high enough to be able to pay the interest, but also to be able to make repayments. It is the combination of these elements that ensures that you can repay the loan. Can you bring in collateral for the loan? That makes the risk for the lender smaller. In that respect, it can also help you to take out and qualify for a loan, based on your income. If you do not need a lot of money, the private loan may also be sufficient for you. This could also involve a lot of money, but then other loans may offer just a little more perspective.

Whatever loan you choose, whether private or simply with a bank, it will be central that the consumer must always have enough salary to meet the costs of the loan. Borrowing money without a salary is going to be particularly difficult, but secondly it also seems like a not very convenient decision to make. This may well lead to a monthly shortage of cash, and this possibly for the rest of the term of your loan. That is certainly not recommended and if your salary is simply not sufficient, you better not engage in borrowing money at all. This does entail the necessary risks and it is better to avoid such risks.

What can I borrow also depending on lender and loan

What can I borrow also depending on lender and loan

If you ask the question “What can I borrow?” to yourself this will also depend very much on the lender you choose and also the loan of your choice. For example, lenders all work with a minimum and a maximum for a specific loan. This means that at lender A, for example, you need to borrow at least 2,500 dollars for a car loan and that a maximum of 25,000 dollars can be borrowed, while at lender B this is a minimum of 5,000 dollars and a maximum of 75,000 dollars. So it may happen that the lender with the lowest interest rate cannot offer the right amount of money, while they are actually the cheapest. Then you can either adjust your amount of money and still use that cheap loan or choose a lender who can offer the correct amount of money. These are also matters that can play a role and determine what you can borrow in the end.

Borrowing as a temporary worker

Do you want to borrow money? But do you have any temporary income? Then you may have been told several times that borrowing money is not possible for you. However, there are still banks that take you in, whether or not fully, for a loan. Money lending as a temp is difficult, but borrow as a temp is not impossible. In order to save you further disappointments, we would like to tell you about the possibilities and impossibilities of borrowing as a temporary worker. You save effort if it is not possible to borrow at all. Or you can take out a loan directly from the right provider. Temporary workers may also be able to obtain a revolving credit or a personal loan to exit.

What are the rules of the banks?

What are the rules of the banks?

To give you a clear insight, we indicate below which income from agency work is included, and which income is not included by most banks. If you work in the temporary employment sector, you probably know that this works with a phase system. Broadly said; Phase A are the first 78 weeks. After phase A follows phase B, which lasts 2 years and then phase C. This is equivalent to employment for an indefinite period.

Borrowing as a temporary worker phase a

Borrowing as a temporary worker phase a

The biggest challenge is if you have a phase a temporary employment contract. During phase A, your income is not included by the banks in the calculation to determine whether a loan is possible for you. This makes it almost impossible to take out a regular revolving credit or a personal loan with a phase A contract. In some cases, a mini loan is still possible. Borrowing money from private individuals is of course a very special form of borrowing money, this form may also offer a solution.

Borrowing as a temporary worker phase b

If you have a phase B temporary employment contract, your chances of a loan are already growing considerably. For a revolving credit or a personal loan, they could take 70% of your income with you. So you probably cannot borrow large amounts, but the chance of a loan increases significantly.

Borrowing as a temporary worker phase c

Borrowing as a temporary worker phase c

Phase C is regarded as a regular permanent employment contract. Borrowing as a temporary worker is therefore equal to borrowing with a permanent employment contract for an indefinite period. The chance that you can get a personal loan or a revolving credit has therefore increased considerably if you have entered this phase.

Other options for borrowing money as a temporary worker

If a regular revolving credit or a personal loan does not work, there are two other options. You can still try to take out a mini loan, or to take out a loan through a private individual.